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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of certain motor vehicle sales, use, and |
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rental tax revenue to the state highway fund and to the uses of that |
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revenue. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter G, Chapter 152, Tax Code, is amended |
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by adding Section 152.1223 to read as follows: |
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Sec. 152.1223. ALLOCATION OF CERTAIN TAX REVENUE TO STATE |
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HIGHWAY FUND. (a) Notwithstanding Section 152.122, in each state |
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fiscal year beginning on or after September 1, 2015, the |
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comptroller shall deposit to the credit of the state highway fund an |
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amount of money that is equal to 33-1/3 percent of the money that: |
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(1) is received under Sections 152.043, 152.045, |
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152.047, and 152.121 and is remaining after the comptroller makes |
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the allocation required by Section 152.1222; and |
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(2) exceeds the first $2.8 billion of money described |
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by Subdivision (1) that is received in that fiscal year. |
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(b) Money deposited to the credit of the state highway fund |
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under this section may be appropriated only: |
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(1) for a purpose authorized by Section 7-a, Article |
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VIII, Texas Constitution; |
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(2) to repay the principal and interest on general |
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obligation bonds issued as authorized by Section 49-p, Article III, |
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Texas Constitution; or |
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(3) to pay for a function performed by or under the |
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supervision of the Texas Department of Transportation. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect on the 91st day after the last day of the |
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legislative session. |